Dave King has revealed Rangers will launch a share issue which could bring in £6million in fresh revenue.

The Ibrox chairman also revealed that no fresh external investment is on the horizon and the club are currently not in talks with any new investors.

The South African-based businessman sealed the capture of Steven Gerrard as the club's new boss last Friday and held a media conference on Monday to discuss the current financial aspects of the club.

Asked how much fresh cash will be made available as a result of the share issue which will take place in June, King said: "I met with (company secretary) James Blair on Saturday and we have given the go-ahead for the share issue to commence immediately.

"I said, let's accept the Takeover Panel will not be resolved in the next couple of weeks, let's go ahead with the rights issue as it with the restrictions I have in participating."

Rangers manager Steven Gerrard shakes hands with Chairman Dave King

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Rangers had received £17.7million in loans from shareholders and other investors by the turn of the year and subsequently borrowed a reported £3million in a short-term finance deal with bankers Close Brothers.

King claims the share issue will see loans converted to equity as well as bringing in fresh finance.

"There will be a balance between the conversion of loans versus raising of new cash," he said.

"At this stage there is nothing external other than existing shareholders and investors. We are not talking to anyone new, who is not there already.

Rangers chairman Dave King leaves Ibrox this afternoon after giving a media briefing

"We haven't decided but at the moment I am thinking £6million new cash and the balance converted to loans."

Rangers shareholders voted through a resolution to allow a new share issue at the club's AGM at the beginning of December.

The resolution, which needed 75 per cent approval, received 78.3 per cent of the vote to get the go ahead allowing the board to offer new shares to investors as well as turn soft loans into equity.

Paul Murray and Barry Scott resigned from the Rangers board last week, leaving King looking to appoint at least two new non-executive directors.

Dave King, Paul Murray and John Gilligan celebrate after winning control of the Ibrox boardroom in March 2015 (Image: Daily Record)

Murray, 54, joined the Ibrox board in 2015 after playing a key role in ousting the previous regime, allowing King and the so-called Three Bears to seize control of the club.

Hong Kong-based Scott was only appointed to the board in December 2017 as part of a group that gave £6.5million loans to the club.

King also discussed his ongoing battle with the Takeover Panel, which led to the South African being deemed to be in breach of the takeover rules after failing to deposit around £11m into a UK account on time for his mandatory shares bid.

He said: "About four weeks ago now, it got to a point where I agreed with the takeover panel that while I wouldn't make a formal offer, one of my trust companies would make a formal offer.

"The takeover panel would accept the company offer as being from me personally, as they know that I would never make an offer.

"They accepted that, they asked for proof of funds which we gave them.

"They then asked for the funds to be ring fenced in a separate account, to make sure the funds could only be used for the purpose of the shares.

"We agreed to that.

"Then about two weeks ago, the takeover panel approached me again to say they were unhappy with the funds being in South Africa and would like them relocated to the UK to be held in sterling.

"I was happy to do that, but would have to open a bank account in the UK which I agreed to do.

(Image: Getty)

"That, though, requires an extension of the period as I can't get through the various processes in time to meet the deadline.

"They didn't grant the extension.

"They have proof of funds in South Africa, but they wanted it relocated to the UK and that takes time, hence delay.

"It is important to stress that this is nothing to do with the football club, it makes no difference to the football club.

"This is an issue between myself and the shareholders of the holding company.

"It has nothing to do with the team and with funding."

The case came about after the Takeover Panel told the Rangers chairman to offer to buy the shares as a penalty for breaching strict financial rules when he succeeded in ousting the previous regime at Ibrox in March 2015.